DAX futures contract in Germany traded 0.2% lower, but CAC 40 futures in France climbed 0.6% and the FTSE 100 futures contract in the U.K. rose 0.6%. European stocks sold off sharply on Monday, with these three benchmark cash indexes all dropping over 3%.
LVMH (PA:LVMH) may also be in the spotlight after a U.S. court set a January date for Tiffany’s (NYSE:TIF) lawsuit against the French luxury goods conglomerate for trying to back out of its $16 billion deal to acquire the jeweler.
Oil prices drifted lower Tuesday, continuing the previous session’s weakness despite Tropical Storm Beta proving less disruptive to the infrastructure in the Gulf of Mexico than feared. However, persistent worries about fuel demand as coronavirus cases continue to flare up around the globe remain a drag. U.S. crude futures traded 0.1% lower at $39.51 a barrel, while the international benchmark Brent contract fell 0.1% to $41.41. Both oil benchmarks fell around 4% on Monday. Gold futures rose 0.4% to $1,917.95/oz.
GBP/USD looks to be back under pressure as the market is seeing dollar strength across the board. The pair is trading near to the 1.2780 daily low and a loss of the 1.2690 support is set to trigger a deeper fall to the 1.2250/00 zone, per Commerzbank. EUR/USD risks a further pullback to the 1.1695 level in the next weeks, suggested FX Strategists at UOB Group. Dollar Index was up 0.1% at 93.727, climbing to a six-week high. USD/JPY was largely flat at 104.63.